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Medical Marijuana News Channel

Monday, June 13, 2016

This 20-Year Marijuana Study Could Blaze a Trail That Supporters Have Been Waiting For

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The marijuana industry is blossoming, and 2016 could wind up being its best year yet in a number of ways.
Marijuana keeps expanding despite federal inaction
Since California first approved Proposition 215 in 1996 to provide certain patients with medical marijuana on the basis of compassionate use, the marijuana industry has been trudging forward. Today, two dozen states have approved medical marijuana, while another four, along with Washington, D.C., have legalized the use of marijuana for recreational purposes.

State-level marijuana is yielding some incredible sales figures. According to cannabis research firm ArcView Market Research, legal cannabis sales totaled $5.4 billion in 2015, they're expected to hit $6.7 billion this year, and they could well hit nearly $22 billion by 2020 based on a projection that sees the marijuana industry growing at a compounded annual rate of 30%.

Colorado, for example, sold more than $1 billion in legal marijuana (medical and recreational) over the trailing 12-month period ending in February. In 2015, legal sales and licensing fees allowed the state to collect $135 million in tax revenue, some of which is being funneled back into education, law enforcement, and drug abuse programs. These are the types of figures that select state legislatures can easily get behind, and they're a big reason why roughly 12 states could vote on marijuana initiatives this November.

Yet despite marijuana's steady march forward, Congress and President Obama have proven to be a brick wall for industry advancement at the federal level. To be clear, the federal government is allowing states to govern their own marijuana industries without intrusion, but it has not begun to discuss the rescheduling or legalization of marijuana.

The contention all along has been that once regulators get an all-encompassing view of marijuana's safety profile, they'll be in a position to decide whether to reschedule or legalize the drug. Until such time as regulators have this safety profile in hand, marijuana is likely to remain an illicit drug.

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Source: The above story is based on materials provided by MOTLEYFOOL